ZKSync 2.0: The Future of Ethereum Scaling - Everything You Need to Know
ZKSync 2.0 is an upgrade to the ZKSync layer-two blockchain for Ethereum, which is designed to provide high-speed, low-cost, and secure transactions using ZK-Rollups technology In this article, we will discuss everything you need to know about ZKSync 2.0 and its potential impact on the Ethereum financial ecosystem.
What is ZKSync 2.0?
ZKSync 2.0 is an upgrade to the ZKSync layer-two blockchain for Ethereum, which is designed to provide high-speed, low-cost, and secure transactions using ZK-Rollups technology. ZK-Rollups is a type of Layer 2 scaling solution that moves the bulk of the transaction activity away from Layer 1 to provide scalability while inheriting Ethereum's security and finality. ZKSync 2.0 provides added smart contract functionality, which allows developers to deploy their own DeFi apps, NFTs, and games on the Layer 2 network. It also plans to launch a token, with some speculating that it will follow Optimism's lead in rewarding early users.
ZKSync Era, on the other hand, is a trustless, secure, user-centric protocol for scaling payments and smart contracts on Ethereum that is built with an LLVM compiler that will one day give the ability to tap into the power of other programing libraries written in Rust, C++, and Swift
How is ZKSync 2.0 Different Than ZK-Rollup?
ZKSync 2.0 is a layer-two scaling solution for Ethereum based on the ZK rollup architecture [2]. ZK rollups are a type of rollup that batch and verify multiple transactions off-chain before submitting them to the Ethereum mainnet as a single proof.
One of the main differences between ZKSync 2.0 and traditional ZK rollups is that ZKSync 2.0 is programmable. This means that developers can create and deploy smart contracts on the ZKSync 2.0 network, giving users more control over transaction computation costs and the amount of L1 gas required to finalize transactions.
Another difference is that ZKSync accounts are defined over a different elliptic curve than Ethereum's accounts, making them better suited for zero-knowledge proofs [5]. Activating a ZKSync account generates and publishes a new private key, providing users with additional security and privacy benefits.
What Are the Benefits of ZKSync 2.0?
One of the most significant advantages of ZKSync 2.0 is its scalability. As more decentralized applications (dApps) are developed and deployed on Ethereum, the network would become congested, leading to higher gas fees and slower transactions. ZKSync 2.0 aims to address this problem by reducing gas fees and increasing the transaction throughput.
Another benefit of ZKSync 2.0 is its support for smart contracts. With the launch of ZKSync 2.0, the network gains the capacity for smart contracts, letting developers create and deploy their own DeFi protocols, NFTs, and blockchain games. Currently, ZKSync 1.0 only allows users to transfer tokens between wallets.
ZKSync 2.0 also aims to give users more control over the transaction cost. In an L2 rollup, the transaction cost is based on two values: (1) the computation cost required to complete the transaction and generate the validity proof, and (2) the amount of L1 gas required to finalize the transaction. ZKSync 2.0 aims to give users more control over both aspects.
Moreover, ZKSync 2.0 is designed to support Account Abstraction, Solidity and Vyper, and is built with an LLVM compiler that will one day give developers the ability to tap into the power of other programing libraries written in Rust, C++, and Swift. In addition, any project built on the Layer 2 solution will be future-proof when the Layer 3 solution is launched
Conclusion
Overall, ZKSync 2.0 provides a more flexible and user-centric approach to scaling Ethereum transactions, compared to traditional ZK rollups. ZKSync 2.0 aims to solve the scalability issues of Ethereum and offers developers the flexibility to create more complex and sophisticated decentralized applications.